St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-14
On the Chicago Board of Trade Yesier-
day Morning the Wheat Market
Opened Higher.
The Early Spurt Was Caused by Pur-
chasss 3stentajiOusiy Made by
the Clique Houses.
After Tie Crowd Ascertained the Siiua.
ton, Matters Promptly Resumed
More Quiet Character.
Transactions in the Financial Circles
OF Wall Street---General
Market Review.
Special to the Globe.


pected last night that The wheat CLIQUE was
getting ready for one of its final ruslles.
The suspicion was encouraged 10y the course
OF the ''pegging' operations, which have
slowly but steadily advanced the price of the
June option frcm S3c to above Soc. IL is
dreaded now by the shorts that the next rush
of the market will be 10 SIC, and that a
peg" will then be inserted nj that point.
The thought of Ii peg" at sac, and then an
ether al SSc, and 50 on up until soc was
reached, drove the little shorts TO covering
SO actively that on the curb June wheat
sold ~ S6SSc. On the opening of the
b0urd the Immediate danger appeared
10 have disappeared. Clique houses were
taking no part in the dOiugS of The
pit. and The market. although nervous be
cause OF The anXieUeS haunting the shorts,
was easy. June wheat was easy NJ ~otd NGl4c.
For time the wheat market was very much
depressed. ~. LGuiS Hooded every market
with dispatches predicting harveSti in June.
These messages were sent III such cloCd
and with Sich reckless disregard OF tolls that
they made plain the hand of Nose fcaley.
New York gOi little demOral2ed aEd de-
CGncd l2C. The feeling here was exceedingly
depressing. The whole crowd was III sell
ing mood, and il the clique had not stood III
with the crowd and taken all the June wheat
offered al ste the market would have be-
come very much demoraiZeQ 10 i certainty.
But the clique did take all the june wheat
offered and never tiinched Despite the very
great mcmentary depression the market
finally
TOOK COURAGE
of the cliqueS. II was contagious. New
York cash wheat advanced lac. Twenty-Onc
boat loads were reported taken for export
and the price for June wheat went slightly
above S6c II was plain that the design If
the clique was 10 hold Chicago steady ut AL
hazards 80 the eNporterS who were buying
and shipping should feel encouraged 10 keep
on. The official circulars showed that over
10000 bushels OF wheat had been taken ut
New York yesterday. The predictions are
thatneXt week several millions Of wheat will
leave the seaboard. The charters were for
100000 bushels Of wheat. $1,000 of
oats, Tl,O0O Of corn and 10000
bushels of flax. Corn was weak
and lower. The shipments continue remark
ably small and il begins To look us if the re-
ceiptS were going TO iucyeuSe; lis ears are
expected tomorrow. The exports are vastly
smaller than last year, last week and for ~
number Of weeks being not mach above one
third OF the exports last year. There is be-
sides Il great deal CT winter dried corn in
store, and while there is very little probab-
lily Of any If it going wrong, it is almost GER
tain that the bears will have il reported out
of condition before il is shipped away. The
Dune option was down almost to SOC to-day,
drop Of lIc in two days.
THE ROUTINE REPORT.
CHICAGO. May IL. - The wheat market
opened higher, June being at S6uc. The
early squirt was caused by some show buying
by the clique houses, but their purchases
were on small scale, and the crowd real
iZing this, the market quickly assumed
quiet character. As the session advanced it
became apparent that the clique had a job on
its hands if ii expected to keep The price of
June wheat above soc, the crowd being very
bearish. Outside markets were weak, and
the crowd kept smuggling the clique brokers
with wheat FOR Il long time. The latter took
all the large lots that came on the market,
but generally ignored the small lots. For the
two hours following the first hour of the SEES
fNg. .f.al,s INs
tween S6c and S6IsaeS6l4c, except in one
instance. when it momentarily sold down
10 S57s0 Soc, the latter figure representing the
trading of some enthusiastic brokers. There
were no new features in wheat on the after
noon board until near the close of the session.
when concerted buying from all parts of the
pit 10y the clique and sellers of the morning
sent June up 10 S6l2c, the highest point of
the day. Corn opened quiet but firm at
:j95sc for June, but later III the day. owing 10
heavy selling on both the July and June
options, prices sagged off very materially
from opening figures. june sold down TO
:39G39lsc and July TO 407sc. Prices were IL
little better later on, and June closed at
:59Ssc. and July mt IL Use. June ribs opened
weak at sos, and sold down to 81 OLE, but
active buying by various points lirmed them
up in a very few minutes to S7.l5. and held
steady until noon, when they again sold
down 10 their lOw-water mark. A half hour
later they were again at the top under heavy
buying. and closed at SITE for July Lard
opened n shade easier ut 1913, later became
steady al $50, again reacted and closed ut
opening figures.
THE QUOTATIONS.
The leading futures ranged as follows
June, S6lAc. closing at S6I2c; July, S5Iic,
closing at soc; August, S3S8c, closing
at S3asc. Corn-No. . May, :5Sssc, closing
at 3S4c; June, 395sc, closing nj 39S8c !;
July, 4ll2c, closing at 4llsc; August, 42l2c,
closing ut 42l4c. Oats-No. = May, 26l2c
closing at 264c; June. 27l2c, closing at
27$sc; July, 2Sl2c, closing at 2Si4c. Aug
uSt, 26s4c; closing at 26s4c. Mess
PoTk-I'er Dbl. May, $50. ., closing at
sd: June, 5000, closing at S21.
Lard-zsr 100 lbs, May, $3.50, closing at
S661iC June, $500, closing at 1913 July,
So -. closing at S6.S2l2; August. St.. 30,
closing AT S6.92l2. Short ribs-Per 100 lbs,
May, S1.O2ls. closing AT 81. 10: June, S7O5,
$3.50: August, S7.27I2, closing at $40.
Cash quotations were as follows: Flour
demand improved, sales larger, market
steady, prices firm. Wheat-No. 2 spring,
S4a4c; No. 3 spring, 1112@10c; No. . red,
>. 26l4c. Rye-No. ., 5Gl2c. Barley-No. >,
57c. Flax Seed-No. l, SIO9la. Prime
timothy seed. Sl.12G1l.73. Mess pork, per
Dbl, S20.7I@2l; Lard, per 100 lbs, S6:65.
shoulders, boxed. s. 900 SO; short clear
sides, boxed. S7.45@7.50. Whisky-DS-
tillers' finished goods, per sal, SlIO
SugarS-Cut loaf, 6H@G5sc: granulated, Sc;
standard \, 35Sc. Receipts-Flour, .OOO
bblS wheat, 1000 bu: corn, IL 900 bu
oats, 1873, 900 bu; rye, 800 bu; barley, ID,
600 bu. Shipments-Flour. Il, 900 bbls
wheat, 1000 bu: corn, $4,000 bu: cats
10000 bu; rye, LOCO bu: barley. 5000
bu. On the produce exchange to-day the
butter market was lower; creamery, 16@
20lsc; dairy, 14@g19c. Eggs very firm; 10l.
Gle.